Nuverra Environmental Solutions closed a multi-faceted debt refinancing with First International Bank and Trust. The debt refinancing includes $13 million in equipment financing, a $5 million undrawn working capital revolver and a $4.839 million letter of credit facility.
Nuverra Environmental Solutions entered into agreements with funds controlled by Ares Capital Management and funds controlled by Ascribe Capital Management and Gates Capital Management to amend its first lien and second lien credit agreements.
Nuverra Environmental Solutions emerged from bankruptcy protection with more than $70 million in new financing provided by ACF Finco I, an entity managed by Ares Management, Ascribe Capital, and Gates Capital Management.
Nuverra Environmental Solutions entered into a restructuring support agreement with Wilmington Savings Fund and Wells Fargo to complete a comprehensive recapitalization.
Nuverra Environmental Solutions has entered into a privately negotiated restructuring support agreement to initiate a proposed debt restructuring plan. Wells Fargo is serving as agent for the lender group in the transaction.
Nuverra Environmental Solutions announced it revised its existing revolver to increase the maximum availability under the Revised Facility from $200 million to $245 million.
Nuverra Environmental Solutions announced it converted its existing bank facility into a $200 million revolver. Wells Fargo served as joint lead arranger, joint bookrunner and administrative agent, and RBS Citizens and Bank of America served as joint lead arrangers and joint bookrunners.
Nuverra Environmental Solutions announced it amended its existing $325 million credit facility to increase the permissible maximum total debt leverage ratio. Wells Fargo Bank served as administrative agent.